(ANSA) – NEW DELHI, MAY 10 – The initial public offering (IPO) of 3.5% of Life Insurance Company (Lic), the insurance giant, closed yesterday, with a final rush by international institutional investors India, launched last week by the Delhi government as part of the privatization program of various state assets. According to data from the Mumbai Stock Exchange, on the last day the IPO was subscribed 2.95 times, with international institutional investors who opted for 61% of the share launched.
Called “the Indian Aramco moment”, in reference to the mega sale of the Arab giant in 2019, the IPO of Indian insurance, with a stock exchange listing of 2.75 billion dollars, was the largest public share offer ever launched in the history of the country.
Created in 1956 by the merger of 245 private insurance companies, the historic public company is the largest insurance company in the world, with 280 million policies, a capital base of approximately 520 billion dollars and a market share of 66 percent, conquered. thanks to an army of door-to-door sellers, one million two hundred thousand, who over the years have created a culture of savings in India.
According to some estimates, of every 100 rupees saved by Indian families, 10 go to the Lic. Thanks to the trust created by the personalized relationship with each customer, between 2019 and 2021 the Indian public giant was able to attract more savings than bank deposits and funds pension.
The opposition criticized the choice, accusing the government of selling off “the family silverware”: the LIC is considered a public institution, among the few guarantees of social security for millions of Indians. (HANDLE).
Source: Ansa
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